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[tommyw]

Myself and girlfriend are both thinking of selling our current PPRs, and buying a new (or probably 2nd hand) place together. However, given that means 2 sales and 1 purchase, I'm wondering how on earth we time all of this correctly, or what the consequences are. The sort of questions I would have are:

(i) What is the normal timeframe from start to finish in a private treaty or auction purchase i.e. If we put in an offer on a place, and if it is accepted, what is the normal time that a seller would expect to get contracts out to us, and then how long to sign, and then how before we could get the keys? Or is all that totally negotiable?

(ii) If we haven't sold the 2 PPRs it possible to put in a clause that means the purchase is contingent on us getting finance (from the sale of the PPRs, or wherever?)? Or is it once you've signed the contract, we would forfeit the deposit if we can't get the finance (i.e. can't sell the 2 PPRs)?

Any other advice would be appreciated. thanks.

 

[Purple]

What is the normal timeframe from start to finish in a private treaty or auction purchase i.e. If we put in an offer on a place, and if it is accepted, what is the normal time that a seller would expect to get contracts out to us, and then how long to sign, and then how before we could get the keys? Or is all that totally negotiable?
At least six weeks should be allowed after an offer has been accepted, probably quite a bit longer. It is negotiable but both parties have to agree to it. If the people selling the house you are buying don't want to move out for 12 weeks it might cause you problems.


If we haven't sold the 2 PPRs it possible to put in a clause that means the purchase is contingent on us getting finance (from the sale of the PPRs, or wherever?)?
You can in theory but it's unlikely that the other parties solicitor will agree to those sort of terms.
You should put your houses on the market and then go and look for a new one. You should also have an idea of how much money you will realise from the sale of the properties and find out how much the banks will lend you.
Then you can calculate how much you can spend and go house shopping knowing how much you can drop your selling price if you need a quick sale .
It's better to have to move into a rented house or in with your mammy for a few months while you wait for the purchase to go through than to have the worry of trying to sell when you have already bought.
Having said that, in the greater scheme of things if you find yourselves paying two or even three mortgages for a few months it's not that big a deal, although it might seem like one from a cash flow point of view.